MorsPrime.com is an MT4 Forex broker offering over 120 currency pairs and claiming to offer Ultra fast execution with super low spreads.
MorsPrime has not published their live spreads on their website. This is why we can’t prove that what they are saying is true.
Furthermore, the phrase “ultra fast execution” is a language used by Forex brokers and does not assure us of any truth in their promises.
MorsPrime is providing a Seychelles physical address but not providing information about their regulatory status with the FSA.
This means the broker is not licensed or authorized to offer any type of financial services to its clients.
Not only is it illegal in some countries to use a broker like MorsPrime, but it is also risky as the broker will definitely engage in malpractices with your money which will see you losing your investment.
What MorsPrime.com is using to lure victims
The minimum deposit is just $10, which means everyone can afford to at least start trading on a live account.
They also claim to offer ECN type of account which can be accessed for just $10 as minimum deposit.
This means that traders who desire these conditions can get started with their ECN account.
Even the spreads for this account type is quite low. 0.1 pips is quite fair, though we can’t tell for sure whether traders will be getting these trading conditions as promised.
Ultimately, MorsPrime will convince traders to upgrade to their next account, which costs $5,000 in minimum deposit.
This is where all kinds of problems occur.
Apart from this, you can’t realistically leave your trades to ‘breath’ with a deposit of just $10. This means some traders will be tricked into upgrading by depositing 5k. This will be a deadly mistake.
Reasons to avoid MorsPrime broker
We like trading and only recommending the services of popular brokers, and mostly those who are well-regulated.
First red flag is that this broker has no license. This should be the major reason as to why traders must shun MorsPrime.
Secondly, this broker has never attracted any feedback from traders. Does it mean they don’t have any clients?
You don’t want to be the first to test waters.
Their website is actually not receiving any meaningful traffic. For this reason, we feel the broker is quite unreliable and untrustworthy.
We will place this broker in the category of scams like IFE Markets, which is an unregulated broker that sells its services using lies.
We highly discouraging trading with brokers that nobody talks about. Such brokers are not regulated and will not hesitate to steal your money no matter how honest they sound at first.